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Healthcare Contract Management Software Market Bwc19450

Global Healthcare Contract Management Software Market By Product and Service (Supplier Discovery, Sourcing Decision-Making, Workflow and Process Automation, Document Management, Agreements, and Contract Lifecycle Management), By End-User (Hospitals, Healthcare Providers, Group Practices, Pharmaceutical Companies, Physicians, Medical Device Manufacturers, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa); Trend Analysis, Competitive Market Share & Forecast, 2016-26

  • Published Date: March 2020
  • Report ID: BWC19450
  • Available Format: PDF
  • Page: 173

Report Overview

The global Healthcare Contract Management Software market valued at USD 896 Million in 2019 and expected to reach USD 2,468 Million by 2026, at a CAGR of 18.4% over the forecast period 2020 – 2026 due to growing investments in healthcare R&D.

Global Healthcare Contract Management Software Market Forecast and Trends

The global Healthcare Contract Management Software market valued at USD 896 Million in 2019 and expected to reach USD 2,468 Million by 2026, at a CAGR of 18.4% over the forecast period 2020 – 2026 due to growing investments in healthcare R&D.

 

The global healthcare contract management software market is rising, owing to the growing complexities in an organization’s contracts. The increasing need for healthcare insurance companies to effectively manage a comprehensive record of claims and reimbursements is estimated to fuel the global healthcare contract management software market growth at a significant rate during the forecast period of 2020-2026 across the region. In addition, strategic collaboration and alliances along with product innovation have also increased market growth. The demand for healthcare contract management solutions is driven mainly by the rising need to minimize the operational costs while growing the operational efficiency of the healthcare organizations. The rising demand for agile healthcare contract management and changes in compliance is anticipated to propel the market across the globe. In addition, high returns on investment is another major factor which is likely responsible for boosting demand of healthcare contract management software market over the forecast period across the region. Increasing investments in new hospitals care facilities are also leading to a flourishing development in the global healthcare contract management software market.

Global Healthcare Contract Management Software Market: Overview

Healthcare Contract Management System is a system that maintains healthcare company complies with strict guidelines on data compliance as part of daily activities as a healthcare contract professional. The demand for healthcare contract management software is likely to remain bullish with high sales based on dependent acceptance as well as technical diversifications expanding throughout the healthcare sector. Contracts are vital documents in all trades, and healthcare sector is no exemption. Furthermore, another factor in boosting the growth of digitized workflow in the healthcare sector is the fact that foreign bodies track optimal healthcare delivery to bridge the gaps in medical care distribution. A typical hospital or healthcare institution will have hundreds of thousands of contracts with several manufacturers, individuals, and organizations. Healthcare Contract Management Software is an easy way to reduce friction in the contract management process through intuitive with access control, security features, and activity logs not typically found in the other solutions.

Growth Drivers

Technology Up-gradation

Up-gradation in the technology is estimated to propel the market growth during the forecast period of 2020-2026 across the region. The diverse opportunities in cloud-based contract management software for healthcare have motivated top market players to bid big on major business strategies. Industry giants such as Icertis, which with its artificial intelligence and cloud-based solutions continue to emphasize the possibilities in healthcare contract management software space. Its increasing footprint shapes its global expansion projects greatly, enabling the company to invest aggressively in developing economies such as India. The organization has also been listed as the largest competitor in the industry with a market value of 1 billion.  

Challenge

Immense cost burden perplexes the healthcare on the back of manual contract management

One of the major challenge faced across the region is the immense cost burden perplexes the healthcare on the back of manual contract management. Fluctuating shifts in payment plans and policy options continue to intensify health care delivery threats across the globe. Frequent changes including high premiums on insurance plans accelerate daunting healthcare delivery conditions and impacting the investments. However, with the contract management in healthcare, the challenges are likely to regress.

Global Healthcare Contract Management Software Market: Product and Service

On the basis of its product and service, the market is segmented into Supplier Discovery, Sourcing Decision-Making, Workflow and Process Automation, Document Management, Agreements, and Contract Lifecycle Management, in which agreement segment is further bifurcated into Physician Employment Agreements, Nondisclosure Agreement, Insurance & Bonds, Property Agreements, Equipment & Vehicle Leases, Information Technology Agreements, Managed Care Agreements, Affiliation Agreements, Research and Grant Agreements, and Service Agreements and Employee Agreements; and contract lifecycle management is segmented into Standardization of Contract Processes, Linking Contracts to Policies, Identification of Payer Issues, and Risk Mitigation. Contract lifecycle management is expected to dominate the market and hold the largest share in the region over the 2020-2026 forecast period due to the current advantages of these software, such as the prevention of litigation issues. Additionally, management of the contract lifecycle also helps in enhancing operating performance.   


                                       

Global Healthcare Contract Management Software Market: End-User

On the basis of end-user, the global Healthcare Contract Management Software market is segmented into Hospitals, Healthcare Providers, Group Practices, Pharmaceutical Companies, Physicians, Medical Device Manufacturers, and Others. The Healthcare providers segment expected to dominate the market during the forecast period of 2020-2026 across the region owing to the benefits, which was provided by the contract management software, which includes aids in minimizing the risk of contracting by transitioning healthcare player operations from manual contracting practices to automated contracting by efficiently integrating contract management software.

Global Healthcare Contract Management Software Market: Regional Insights

On the basis of regional analysis, the global Healthcare Contract Management Software market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America projected to dominate the market during the forecast period of 2020-2026 across the region due to vast number of hospitals across the region. In addition, need to reduce the healthcare cost across the region is the major factor which is propelling the global healthcare contract management software market during the forecast period. Followed by North America, Asia-Pacific projected to witness the highest growth across the globe.

Competitive Landscape

Healthcare Contract Management Software market is fragmented owing to the presence of number of large-sized companies, mid-sized & small-sized companies, and many start-ups that provide Healthcare Contract Management Software industry. However, the companies that hold the majority share of Healthcare Contract Management Software market are Icertis, GEP, Apttus Corporation, ScienceSoft, Optum Inc., DocuSign, ContractWorks, Determine Inc., HighQ, CobbleStone Software, JAGGAER, Experian Plc., nthrive Inc., Concord, Synertrade, Trackado, Coupa Software Inc., Zycus, Contract Logix LLC, and Other Prominent Players.

Recent Development

·         In December 2018 - Determine Inc. entered into an agreement with Axbility Consulting (US) that provided greater opportunities to Determine Inc.

·         In October 2018 - Icertis opened two new offices in Sydney and Singapore to meet the rising market demand.

·         In February 2018 - Cobblestone Software launched a new mobile contract management software app for Android and Apple iOS devices.

 

Scope of the Report

Attribute

Details

Years Considered

Historical data – 2016-2019

Base Year – 2019

Forecast – 2020 – 2026

Facts Covered

Revenue in USD Million

Market Coverage

United States, Canada, Germany, United Kingdom, France, Italy, Spain, Brazil, Mexico, Argentina, Japan, China, India, Japan, South Korea, Saudi Arabia, UAE, South Africa

Product/Service Segmentation

By Product and Service, By End-User, By Region

Key Players

Icertis, GEP, Apttus Corporation, ScienceSoft, Optum Inc., DocuSign, ContractWorks, Determine Inc., HighQ, CobbleStone Software, JAGGAER, Experian Plc., nthrive Inc., Concord, Synertrade, Trackado, Coupa Software Inc., Zycus, Contract Logix LLC, and Other Prominent Players.

 

By Product and Service

·         Supplier Discovery

·         Sourcing Decision-Making

·         Workflow and Process Automation

·         Document Management

·         Agreements

o    Physician Employment Agreements

o    Nondisclosure Agreement

o    Insurance & Bonds

o    Property Agreements

o    Equipment & Vehicle Leases

o    Information Technology Agreements

o    Managed Care Agreements

o    Affiliation Agreements

o    Research and Grant Agreements

o    Service Agreements and Employee Agreements

·         Contract Lifecycle Management

o    Standardization of Contract Processes

o    Linking Contracts to Policies

o    Identification of Payer Issues

o    Risk Mitigation

 

By End-User

·         Hospitals

·         Healthcare Providers

·         Group Practices

·         Pharmaceutical Companies

·         Physicians

·         Medical Device Manufacturers

·         Others

By Region:  

  •          North America
  •          Europe
  •          Asia Pacific
  •          Latin America
  •          Middle East & Africa

The objective of the Study:

·         To analyze and forecast the global Healthcare Contract Management Software market size of the market in terms of value.

·         To examine the careful market segmentation and forecast the market size, in terms of value, based on the region by segmenting.

·         The Global Healthcare Contract Management Software market segmented into five regions, namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa coupled with their leading countries.

·         To outline, categorized, and forecast the global Healthcare Contract Management Software market based on the product and service, end-user coupled with the region.

·       To examine competitive developments like technological advancement, services, and regulative framework within the global Healthcare Contract Management Software market.

·         To highlight the impact analysis of the factors affecting the market dynamics such as drivers, restraints, opportunities, and challenges.

 To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for   market leaders.

1.    Research Framework

1.1. Research Objective

1.2. Product Overview

1.3. Market Segmentation

2.    Research Methodology


2.1. Qualitative Research

2.1.1.   Primary & Secondary Types

2.2. Quantitative Research

2.2.1.   Primary & Secondary Types

2.3. Breakdown of Primary Research Respondents, By Region

2.3.1.   Secondary Research

2.3.2.   Primary Research

2.4. Breakdown of Primary Research Respondents

2.5. Market Size Estimation

2.6. Assumption For The Study

2.7. Market Breakdown & Data Triangulation

3.    Executive Summary


4.    Global Healthcare Contract Management Software Insights


4.1. Industry Value Chain Analysis

4.2. DROC Analysis

4.2.1.   Growth Drivers

4.2.2.   Restraints

4.2.3.   Opportunities

4.2.4.   Challenges

4.3. Technological Landscape

4.4. Regulatory Framework

4.5. Company Market Share Analysis,2019

4.6. Porter’s Five forces analysis

4.6.1.   Bargaining Power of Suppliers

4.6.2.   Bargaining Power of Buyers

4.6.3.   Threat of New Entrants

4.6.4.   Threat of Substitutes

4.6.5.   Intensity of Rivalry

5.    Global Healthcare Contract Management Software Market Overview

5.1. Market Size & Forecast By Value, 2016-2026

5.1.1.   By Value (USD Million)

5.2. Market Share & Forecast

5.2.1.  By Product and Service

5.2.1.1.       Supplier Discovery

5.2.1.2.       Sourcing Decision-Making

5.2.1.3.       Workflow and Process Automation

5.2.1.4.       Document Management

5.2.1.5.       Agreements

5.2.1.5.1.          Physician Employment Agreements

5.2.1.5.2.          Nondisclosure Agreement

5.2.1.5.3.          Insurance & Bonds

5.2.1.5.4.          Property Agreements

5.2.1.5.5.          Equipment & Vehicle Leases

5.2.1.5.6.          Information Technology Agreements

5.2.1.5.7.          Managed Care Agreements

5.2.1.5.8.          Affiliation Agreements

5.2.1.5.9.          Research and Grant Agreements

5.2.1.5.10.       Service Agreements and Employee Agreements

5.2.1.6.       Contract Lifecycle Management

5.2.1.6.1.          Standardization of Contract Processes

5.2.1.6.2.          Linking Contracts to Policies

5.2.1.6.3.          Identification of Payer Issues

5.2.1.6.4.          Risk Mitigation

5.2.2.  By End-User

5.2.2.1.       Hospitals

5.2.2.2.       Healthcare Providers

5.2.2.3.       Group Practices

5.2.2.4.       Pharmaceutical Companies

5.2.2.5.       Physicians

5.2.2.6.       Medical Device Manufacturers

5.2.2.7.       Others

5.2.3.  By Region

5.2.3.1.       North America

5.2.3.2.       Europe

5.2.3.3.       Asia Pacific

5.2.3.4.       Latin America

5.2.3.5.       Middle East & Africa

6.    North America Healthcare Contract Management Software Market

6.1. Market Size & Forecast By Value, 2016-2026

6.1.1.   By Value (USD Million)

6.2. Market Share & Forecast

6.2.1.   By Product and Service

6.2.2.   By End-User

6.2.3.   By Country

6.2.3.1.       United States

6.2.3.2.       Canada

7.    Europe Healthcare Contract Management Software Market

7.1. Market Size & Forecast By Value, 2016-2026

7.1.1.   By Value (USD Million)

7.2. Market Share & Forecast

7.2.1.   By Product and Service

7.2.2.   By End-User

7.2.3.   By Country

7.2.3.1.       Germany

7.2.3.2.       United Kingdom

7.2.3.3.       France

7.2.3.4.       Italy

7.2.3.5.       Spain

7.2.3.6.       Rest of Europe

8.    Asia Pacific Healthcare Contract Management Software Market

8.1. Market Size & Forecast By Value, 2016-2026

8.1.1.   By Value (USD Million)

8.2. Market Share & Forecast

8.2.1.   By Product and Service

8.2.2.   By End-User

8.2.3.   By Country

8.2.3.1.       China

8.2.3.2.       India

8.2.3.3.       Japan

8.2.3.4.       South Korea

8.2.3.5.       Rest of Asia Pacific

9.    Latin America Healthcare Contract Management Software Market

9.1. Market Size & Forecast By Value, 2016-2026

9.1.1.   By Value (USD Million)

9.2. Market Share & Forecast

9.2.1.   By Product and Service

9.2.2.   By End-User

9.2.3.   By Country

9.2.3.1.       Brazil

9.2.3.2.       Mexico

9.2.3.3.       Argentina

9.2.3.4.       Rest of Latin America

10.Middle East & Africa Healthcare Contract Management Software Market

10.1.             Market Size & Forecast By Value, 2016-2026

10.1.1.                By Value (USD Million)

10.2.             Market Share & Forecast

10.2.1.    By Product and Service

10.2.2.    By End-User

10.2.3.    By Country

10.2.3.1.    Saudi Arabia

10.2.3.2.    UAE

10.2.3.3.    South Africa

10.2.3.4.    Rest of Middle East & Africa

11.Company Profile (Company Overview, Financial Matrix, Type landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)

11.1.   Icertis,

11.2.   GEP

11.3.   Apttus Corporation,

11.4.   ScienceSoft

11.5.   Optum Inc.,

11.6.   DocuSign

11.7.   ContractWorks

11.8.   Determine Inc.,

11.9.   HighQ

11.10.  CobbleStone Software,

11.11.  JAGGAER

11.12.  Experian Plc.,

11.13.  nthrive Inc.,

11.14.  Concord,

11.15.  Synertrade

11.16.  Trackado

11.17.  Coupa Software Inc.,

11.18.  Zycus

11.19.  Contract Logix LLC

11.20.  Other Prominent Players


*Financial Details will be captured as per data availability in case of unlisted companies

**The segmentation and the companies are subjected to modifications based on the in-depth secondary for the final deliverable.


Market Segmentation

No data available

By Product and Service

·         Supplier Discovery

·         Sourcing Decision-Making

·         Workflow and Process Automation

·         Document Management

·         Agreements

o    Physician Employment Agreements

o    Nondisclosure Agreement

o    Insurance & Bonds

o    Property Agreements

o    Equipment & Vehicle Leases

o    Information Technology Agreements

o    Managed Care Agreements

o    Affiliation Agreements

o    Research and Grant Agreements

o    Service Agreements and Employee Agreements

·         Contract Lifecycle Management

o    Standardization of Contract Processes

o    Linking Contracts to Policies

o    Identification of Payer Issues

o    Risk Mitigation

 By End-User

·         Hospitals

·         Healthcare Providers

·         Group Practices

·         Pharmaceutical Companies

·         Physicians

·         Medical Device Manufacturers

·         Others

By Region:  

  •       North America

    ·         Europe

    ·         Asia Pacific

    ·         Latin America

    ·         Middle East & Africa

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